New Delhi, June 9 -- The most consequential piece of crypto legislation in the world is one floor vote away from becoming American law. Before it gets there, it has five open wounds.

not in some speculative future but in documented, named cases with dollar amounts and agency reports attached.

The first concerns decentralized finance, or DeFi. A platform that moves value, exchanges assets, or facilitates transfers should not be able to escape regulatory scrutiny by calling its architecture decentralized. That the software runs autonomously does not end the question of who built it, who benefits from it, or who can be held accountable when it is used to launder money. North Korean hackers demonstrated the stakes here in concrete terms: Tr...